Ask Question
8 September, 09:12

A 4,000.00 principal earns 5% interest, compounded annually. After 4 years, what is the balance in the account?

A. 500,000.00

B. 4,862.03

C. 4,600.00

D. 20,250.00

+3
Answers (1)
  1. 8 September, 09:50
    0
    The compound interest formula is given.

    Principal is $4,000

    Rate of interest is 5% or 0.05

    Number of times compounded is 1 (once per year)

    T (or time in years) is 4

    The balance after 4 years is $4,862.03
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A 4,000.00 principal earns 5% interest, compounded annually. After 4 years, what is the balance in the account? A. 500,000.00 B. 4,862.03 ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers